David Einhorn Isn’t Sure People Realize How Tiny, Insignificant England Is

I mean, it’s adorably precocious of the plucky Brits to have convinced people that their decision to leave the European Union will destroy the world economy. But really: Have you looked at the place? Its basically California with rain and a queen but without all of the innovation. You’ll barely notice it’s gone, and then you’ll barely notice it at all. I mean, for all of the hullabaloo, Brexit was such a non-event that it couldn’t even put Greenlight Capital into the black for the second quarter.

"Sure, there will be a handful of companies that suffer idiosyncratic issues, but the U.K. economy is simply not big enough for even a devalued British pound to have a large direct impact on global trade," Einhorn wrote….

During the second quarter, in which Greenlight's main fund fell 2.6 percent net of fees, leaving it up just 0.4 percent year to date…